Photo booth operator Photo-Me (PHTM) fulfilled predictions of a special dividend with a 3p a share special dividend. The company, which operates photo booths and coin launderettes in Germany and France, showed a big improvement in its underlying cash position at the last results, turning net debts of £23.5m into a surplus of £70m and management had hinted at options for a payout.
The dividend totals about £11m, representing a yield of just over 4 per cent at the current share price. The company, which was an Aim market darling in the early 2000s, has been trying to rebuild its credibility with investors after several corporate governance scandals. For example, as recently as 2010, the company was fined £500,000 by the Financial Services Authority for failing to reveal in a timely fashion that it was no longer involved in exclusive negotiations for a contract. The special dividend will be paid on 8 March to shareholders, with an ex-dividend date of 13 February.
